lyra health business model

This is actually people, said one former therapist. Lyra Health has raised a total of $910.1M in funding over 8 rounds. Then, in December, Keiser pre-filed legislation that aims to give workers more rights when it comes to EAPs. While some other digital health startups opt to employ clinicians themselves, Burlingame, California-based Lyra contracts with providers, most of whom then offer psychotherapy in exchange for a fee. Why We Invested in Lyra - Transforming Behavioral Health endobj Lyra Health, a mental health benefits provider, raised $235 million in a Series F funding round, the company announced Wednesday. 11:47 am. That, in turn, allows Lyra to offer member employees various levels of care, from coaching to more intensive in-person therapy. The employee response has been overwhelmingly positive, says Baldwin, especially as the company works to make seeking mental health services more mainstream. Lyra's model is relatively unique when you compare it to other startups offering employee mental health benefits. The company's behavioral health transforms behavioral health care with a human touch and helps people feel emotionally healthy . Developer of a behavioral health technology designed to provide analytics and screening tools to identify people who can benefit from behavioral health care. Depression and anxiety disorders lead to $1 trillion in lost productivity worldwide each year, according to the World Health Organizationand that was before the Covid-19 pandemic. Lyra helps companies improve access to effective, high-quality mental health care for their employees. Thats our plan for the foreseeable future. Covid wasn't the beginning of the mental health epidemic that we face. Since then, more than 300 leading companies have partnered to offer Lyras mental health benefits to their employees, including Meta, Pinterest, and Starbucks, giving more than 13 million people access to life-changing care. While coaches are becoming increasingly common in mental health startups, critics worry about variability in training and effectiveness, since these coaches dont undergo licensing programs like other mental health providers. 2023 Lyra Health, Inc. works in partnership with Lyra Clinical Associates P.C. Lyra is an alumnus of this years Forbes Next Billion-Dollar Startups list and is the third company from the 2020 list to cross the $1 billion dollar valuation mark, along with AI-powered sales startup Gong and human resources software automation company Rippling. Lyra Health Hits $1.1 Billion Valuation, As Coronavirus Boosts - Forbes By saying, Look how successful we are. Employees have access to an exclusive, vetted, and trained network of providers. Meanwhile, Lyra connects its members with partner providers who offer various levels of care in various settings. BHB is part of the Aging Media Network. The care we provide helps people healand we have peer-reviewed research to prove it. The company has also had a history of its clinicians feeling overlooked, two former employees said. With Lyra, more people get better, significantly improve, and achieve lasting results. Lyra Health's latest post-money valuation is from January 2022. The company, which has raised $700 million in funding to date, generates revenue through deals with high-profile companies, using anonymized patient data to prove it provides worthwhile benefits. Facebook, Google, and Morgan Stanley declined to comment on Lyras bonus structure, and Starbucks did not respond to multiple requests for comment. Lyra Health case study | Stripe Other mental health startups have also reportedly incentivized productivity from therapists. Using technology to solve healthcare problems is a natural fit for Ebersman, who spent fifteen years in various executive roles at the biotechnology Genentech, including chief financial officer. The pandemic highlighted this need that I think we're experiencing and companies continue to take it very seriously.. You can find information easily about the providers and coaches, and then you can quickly do online scheduling, she says, which is particularly important for employees working different shifts at 24-hour hospitals. We certainly look at it as a wonderful opportunity. ", The bottom line is, this is a business. Feeling stressed and overwhelmed last January, Daniel Rojas decided to take advantage of a benefit Starbucks often touts for its employees around the country: free therapy through Lyra Health, a mental health startup that provides counseling services for some of the biggest companies in the world. Is Telehealth Even a Viable Business Model? - Circle Social Inc We similarly expanded members with access to care to over 2 million. Image by Nattanan Kanchanaprat from Pixabay | CC0. Lyra expects to help more than 2 million people with their mental health problems by the end of this year. Lyra supports your people with: Instant access to individualized care, from self-guided programs and mental health coaching to therapy and medication management Care options that suit personal preferences and lifestyles, including in-person, video conferencing, and text messaging Junto Health

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